is westfield insurance a good company?
UPDATED: Dec 19, 2016
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Asked December 19, 2016
Westfield Insurance is the main subsidiary of Westfield Group. The divisions of the company include Ohio Farmers Insurance Company, Old Guard Insurance Company, Westfield National Insurance Company, American Select Insurance Company, and Westfield Insurance Company. The company provides personal and commercial insurance in 21 U. S. states and surety bonds in all 50 states.
Westfield Insurance offers its products through it main office in Westfield Center, Ohio, 25 state offices, and more than 1,000 independent insurance brokers. The company has $ 4.9 billion in liquid assets and has an annual premium base of $1.8 billion. It is rates as an “A” by A. M. Best and has maintained that rating for the last 76 years. The company’s assets exceed present and expected claims by $1.9 billion according to their 2015 financial report.
Westfield Insurance built its business and reputation as a “caring” company through insurance products specially designed for farmers. The company was started by a group of Ohio farmers who joined together to finance what has become one of the leading farm insurers in the United States.
The company includes insurance, a full service bank that has all of the most demanded electronic banking structures, and a service organization that has a reputation for fast claims processing. The company is heavily invested in its local community and owns a local television station, sponsors numerous community development programs in Ohio and the United States, and owns a local hotel and golf course.
The company offers a complete line of business insurance for small to large businesses. The coverage includes workers' compensation, property, liability, umbrella, loss control, surety bonds, business auto, and options for data security, equipment breakdown, and employment practice liability. Westfield Insurance also provides special insurance packages tailored to contractors, the hospitality industry, all types of medical operations, golf courses, restaurants, and manufacturing.
Personal insurance products offered by Westfield Insurance are home, auto, boat, identity theft, flood, and umbrella insurance. The company claims to simplify personal insurance through package deals that cover two or more risks with a resulting lower overall rate and lower deductibles.
Farm insurance products offered by Westfield Insurance include commercial farm coverage and individual farm coverage. The company has special products for vineyards and horse farms. The coverage provided is extremely comprehensive as to the potentials for loss that are inherent in farming and livestock.
Westfield Insurance claims a 96 percent customer satisfaction rate across all lines of insurance that they provide. Independent reviews from policy holders indicate a satisfaction rate of 70 percent. The majority of complaints are based on a slow response time to claims, slow payments, and the use of contractors for home repair work that does not deliver quality work. The majority of clients who reviewed farm, auto, health, and home products expressed high levels of satisfaction with the claims process and the dollar value of the claim received. Rates for all products are on a par with industry averages.
States served by Westfield Insurance
All lines of insurance are offered in Minnesota, Wisconsin, Ohio, Iowa, Illinois, Indiana, Pennsylvania, West Virginia, Kentucky, and Tennessee. Commercial and surety products are offered in Colorado, Arizona, New Mexico, Michigan, Virginia, North Carolina, South Carolina, Georgia, and Florida. Surety products are available in all states.
The high level of community action, the claims of customer care, and the high ratings from the Better Business Bureau in all states served as well as the tremendous financial leverage that Westfield Insurance has bodes well for the majority of customers. The company fails its clients as individual homeowners more frequently than it does the farm owner and business owner. Self rating of service and satisfaction by Westfield Insurance are overstated by 25 percent to 30 percent.
Answered December 20, 2016 by kris721